Tips and Advice for First Time Home Buyers in NY

Finding a house in New York can be a mentally and physically demanding task, especially if you decide to go out there, spend hours looking at different houses and neighborhoods and talk with property sellers. On top of this, you have to find a reliable mortgage lender. Dealing with so many factors can be overwhelming, especially for first-time buyers.

As a proud citizen of New York, I’ve been lucky enough to help a lot of people find their dream homes. This has led me to share some tips and advice for buying property in NY.

Make a Plan

It’s important to have a plan for buying a home tailored to your specific needs.  Consider factors such as the layout of the home, cost of repairs and upgrades, and the surrounding neighborhood. You also need to decide how much you can afford to spend on your new home and fulfill all of the lender requirements.

First-time home buyers should also think about emergency preparedness and what kinds of insurance options they should consider before buying a home. This is especially important given the rise in natural disasters globally.

Educate Yourself

When you’re looking to purchase your first home, it can be tempting to dive in without doing your research. You may get away with some mistakes on a rental, but with a mortgage, you’re responsible for large amounts of money and need to be much more careful.

In the United States, a home is usually the single most expensive purchase anybody will make during their lifetime. Home prices have traditionally risen faster than incomes, and they likely will continue to do so indefinitely. You’re also going to make this decision at a young age, meaning you won’t have acquired much experience making big purchases. This is why it’s important to increase your financial acumen by reading blogs.

By reading up on plenty of resources out there, you can make the entire process convenient, streamlined, and even enjoyable. Also, read up on the various mortgage products so that you can pick the one that best fits you.  For example, if you’re a military veteran, a VA loan might be perfect for you. If you’re having trouble with your credit scores, then a non-conforming loan might be a good option.

Do Be Pressured to Sign Anything

When it comes to buying real estate, you run into many people looking to make a quick profit. It’s a seller’s market in New York, which means the salespeople make a lot of money. You need to be careful about who you trust and take advice from when locating a new home for yourself or your family. Don’t be pressured into signing anything. Try to deal with people who have a good track record and solid customer testimonials. Make sure that you or your attorney reads all the loan documents before signing any contract.

Get an Independent Inspection of the Home

Getting an independent inspection of the home is one of the best things you can do before purchasing a new property. It can help you avoid many of the costly surprises that come with buying a house, plus it gives you time to make sure you are completely happy with your purchase. But even if you’re happy with your first impressions of the property, it’s still worth getting an independent inspection carried out. This can help give you peace of mind before sharing a large sum of money on any property.

About the Author

The real estate market in New York is constantly changing. It’s not easy to take the plunge and buy your first home, but it is a major life event that can bring you a lot of happiness.  I will highly recommend Atlantic Home Capital. They help people facing this daunting task by providing relevant and updated information about purchasing a home in New York. Their friendly staff helps buyers from start to finish: from learning how to get a mortgage to closing the deal with their new home.

Check out their customer testimonials here. They are a highly trusted loan lender in Ft Lauderdale and Farmingville, NY, who deal with all types of conventional loans, FHA loans, Condo and Coop Mortgages Ft Lauderdale, and Investment property loans. They are also BBB accredited and Fort Lauderdale Mortgage Lenders. Get in touch with them today.

Jeremy Styles is a financial consultant who has been living in New York all his life.  He is an avid reader and loves to write on everything in New York City. He particularly loves the food scene in the big apple.